Dark Forest Capital Management LP Has $239,000 Stake in Tenet Healthcare Co. (NYSE:THC)

Dark Forest Capital Management LP lessened its holdings in Tenet Healthcare Co. (NYSE:THC) by 80.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,793 shares of the company’s stock after selling 7,224 shares during the quarter. Dark Forest Capital Management LP’s holdings in Tenet Healthcare were worth $239,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. raised its position in Tenet Healthcare by 0.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,604 shares of the company’s stock worth $1,325,000 after purchasing an additional 90 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Tenet Healthcare by 20.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 560 shares of the company’s stock worth $74,000 after buying an additional 96 shares during the period. Violich Capital Management Inc. boosted its stake in Tenet Healthcare by 3.2% in the 1st quarter. Violich Capital Management Inc. now owns 3,380 shares of the company’s stock valued at $355,000 after buying an additional 105 shares in the last quarter. GAMMA Investing LLC raised its stake in Tenet Healthcare by 17.0% during the first quarter. GAMMA Investing LLC now owns 731 shares of the company’s stock worth $77,000 after acquiring an additional 106 shares in the last quarter. Finally, SummerHaven Investment Management LLC lifted its holdings in shares of Tenet Healthcare by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 8,915 shares of the company’s stock valued at $1,186,000 after acquiring an additional 115 shares during the period. Institutional investors and hedge funds own 95.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on THC. Wells Fargo & Company lifted their price target on shares of Tenet Healthcare from $145.00 to $175.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. The Goldman Sachs Group increased their price target on Tenet Healthcare from $156.00 to $173.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. StockNews.com upgraded Tenet Healthcare from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $168.00 target price on shares of Tenet Healthcare in a research note on Monday, August 19th. Finally, Raymond James increased their price objective on shares of Tenet Healthcare from $130.00 to $175.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $152.69.

Tenet Healthcare Price Performance

THC opened at $163.22 on Monday. Tenet Healthcare Co. has a 52 week low of $51.04 and a 52 week high of $171.20. The company has a debt-to-equity ratio of 2.53, a quick ratio of 1.38 and a current ratio of 1.45. The firm has a market capitalization of $15.94 billion, a PE ratio of 6.33, a P/E/G ratio of 0.86 and a beta of 2.14. The company has a fifty day moving average price of $156.42 and a two-hundred day moving average price of $133.07.

Tenet Healthcare (NYSE:THC) last issued its earnings results on Wednesday, July 24th. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.42. The firm had revenue of $5.10 billion for the quarter, compared to analysts’ expectations of $4.98 billion. Tenet Healthcare had a return on equity of 24.66% and a net margin of 13.17%. As a group, analysts anticipate that Tenet Healthcare Co. will post 10.72 earnings per share for the current year.

Tenet Healthcare declared that its Board of Directors has authorized a share buyback program on Wednesday, July 24th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to purchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Tenet Healthcare

In other news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the transaction, the director now owns 15,269 shares of the company’s stock, valued at approximately $2,234,465.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Tenet Healthcare news, Director Meghan Fitzgerald sold 20,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $146.34, for a total value of $2,926,800.00. Following the completion of the transaction, the director now directly owns 15,269 shares of the company’s stock, valued at $2,234,465.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Saumya Sutaria sold 86,227 shares of Tenet Healthcare stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $154.41, for a total value of $13,314,311.07. Following the transaction, the chief executive officer now owns 13,773 shares in the company, valued at approximately $2,126,688.93. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 128,203 shares of company stock valued at $19,754,997. Corporate insiders own 0.93% of the company’s stock.

Tenet Healthcare Company Profile

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies.